Morrison Foerster advised BlackBerry Limited, an intelligent security software and services provider, in its definitive agreement for Arctic Wolf to acquire BlackBerry’s Cylance® endpoint security assets. Cylance is the pioneer of AI-based endpoint protection trusted by thousands of organizations around the world. Arctic Wolf is a leader in AI-powered security operations, delivering its solutions from a single open platform to meet customers’ needs.
Under the terms of the agreement, BlackBerry will sell its Cylance assets to Arctic Wolf for $160 million of cash, subject to certain adjustments, and approximately 5.5 million common shares of Arctic Wolf. After allowing for the purchase price adjustments, BlackBerry will receive approximately $80 million of cash at closing and approximately $40 million of cash one year following the closing.
The MoFo team advising BlackBerry was led by Denver M&A partners Erik Knudsen and Chere See and San Francisco technology transactions partner Tessa Schwartz, together with associates Rohan George, Daigo Takahashi and Kelly Kan.
